Find the amount of each installment

Reference no: EM131926660

Question: A $40,000 loan is to be repaid in level installments due at the end of each year. The effective annual interest rate is 5%. The principal contained in the 3rd installment is $460. Find the amount of each installment. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131926660

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